Koroll & Company Blog

As a business, you have the legal right to your ideas, innovations, and designs, not to mention the elements that represent you as a brand - names, images, models and symbols. While intangible, these intellectual assets have value and give you a competitive edge. That is why you need to protect it.

But to protect your intellectual property you must ensure it has been properly registered.

In our last blog, titled ‘4 Common Legal Mistakes Made by Small Businesses: Legal Mistake #2 Not Receiving Key Agreements in Writing’, we discussed the importance of drafting written agreements when it comes to protecting you and your business.

While verbal agreements may have been sufficient in past business dealings, we are increasingly seeing deal breaking and lawsuits happening as a result of verbal agreements or contracts that are poorly drafted.

Unfortunately, small business owners, especially those just starting up, continue to enter into verbal agreements without even realizing the risk they are putting themselves in.

Whether your business is large or small, you will face a number of legal issues when first starting up. The difference is, that as a small business owner, you likely don’t have the same access to legal counsel that your larger counterparts would have.

That is why, before going into business, you should be fully aware of the costly legal mistakes small business owners can make. This will allow you to get the necessary support where you are sure to need it.

In 2018, the provincial labour board ordered an employer, who committed an unfair labour practice to pay a lump sum payment to each of their employees.

Generally, when an employee receives a payment in relation to their employment, it is taxable under various provisions, set out in the income tax act.

Did you know that snowbirds account for 19% of foreign home purchases in the United States? Or that in 2017, snowbirds purchased over $7 billion USD in real estate? 

While it is great that so many Canadians are able to afford property away from Canada, it is important to remember that there are potential tax implications that could come into play as a result of you owning a vacation home in the United States.

Right now, many Canadians are enjoying the warm weather that comes with living in Canada but as any Canadian knows, it isn’t something that lasts forever. Eventually the weather will turn cooler and it will be winter again.

To escape this cold, many of us will decide to head to warmer climates south of the border. In fact, as many as 500,000 Canadians will travel to the United States to get away from the frigid months. If you are one of these snowbirds (or spend a lot of time in the US regardless of the season), there is important information you must consider, one of which is the US tax implications of staying too long over the border.

When buying online, it can be easy to assume that the sites we are using are properly securing our personal data. But this isn’t always the case.

Every online retailer has varying degrees of security, and with the growth of credit fraud and identity theft, it is becoming more important than ever to understand how your data is stored and used by these retailers and the risks associated with mismanagement.